It is very important to e-file income tax with the right form to avoid any delay in taxation process. There are several forms exists with which tax return can be filed and one must need to which one is right for them. Talking about ITR-7 form, which covers a large number of taxpayers under its umbrella. According to Income Tax Law, any entities or person falls under section 139(4A) or 139 (4B) or 139 (4C) or 139 (4D) need to e-file income tax with the ITR-7 form. Now who are the persons that falls under this category is the next thing to know clearly.
Section 139 (4A):
According to this section, any person who receives earning from a trust-help property or charitable trusts or religious works.
Section 139 (4B):
All Indian political parties are required to e-file income tax with this form if their annual income falls under taxable slabs. All though, they don’t need to pay taxes for any received donations, but need to mention the same in the ITR form.
Section, 139 (4C):
This section requires all the scientific research association, association or institution mentioned in section 10 (23A) and 10 (23B), news agency, educational institution and hospitals to use this form to e-file income tax
Section 139 (4D):
All the universities, colleges and other institutions that do not require to furnish any income loss also need to use this form to file their income tax return.
Filing income tax with this form does not require any documentation such as TDS certificate to attach to this form. They can match all their taxation stuff with their form 26AS during e-file income tax. If the tax payee falls under any audit liability then they need to attach the audit report with this form.
This form also requires to attach the digital signature of the taxpayer before submission.
So, if you are one of the taxpayer category described here then, you need to use ITR-7 for to during e-file income tax.
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